stearns, lehman, merrill lynch, citigroup, wachovia, ubs, aig, and wamu. with variations they exhibited similar shortcomings in organization, governance and management. many of these institutions had become so unwieldy that they were virtually impossible to manage. managers may have profited from organizations of $1 trillion or more, it is not clear that this massive size benefited marketed the efficiency or the financial system or firms that failed their shareholders. we forget how large our financial conglomerate actually are. in 2008, citigroup with 350,000 employees and 20,000 subsidiaries the complex financial institution.